Astral Media to Buy Radio Assets

By

Mike Barris

Updated April 12, 2007 7:53 a.m. ET

Astral Media Inc. said Thursday it agreed to buy Standard Radio Inc.'s assets for 880 million Canadian dollars (US$765 million) in cash and about C$200 million (US$174 million) in stock in a deal it said will create Canada's largest radio broadcaster.

The agreement is expected to close early next year. In February, Astral said it was in exclusive talks to acquire Standard.